Spring sales begin to pick up as prices hold steady

Posted on April 7, 2016 by GREG STEELE

Edmonton, April 4, 2016: 1,364 properties were sold in the Edmonton Census Metropolitan Area (CMA) in March, up nearly 63% from the 837 homes sold last month, but down 6.13% from the 1,453 relative to March 2015. There were 863 single family detached homes sold in the Edmonton CMA, a 67% percent increase month-over-month, and down only 1.5% from the same time last year. March saw the sale of 335 condos and 144 duplex/rowhouses, up 44% and 82% from February, respectively.

“Sales, relative to last month, were consistent with the seasonal trends that we expect,” REALTORS®Association of Edmonton Chair Steve Sedgwick explains. “Inventory is growing, with more than 3,000 properties coming onto the market last month. Despite the inventory growth, prices are holding steady, with median prices on par with last year, and average prices up slightly due to the sale of high-end luxury homes in March.”

The average all-residential price was $379,524 for March, which is close to 3% higher than February, and up nearly 2% compared to $372,289 during the same in last year. Single family house prices averaged $439,815, up slightly over last year (up 0.56%) and up by 4.73% month-over-month. Condo properties sold for an average of $251,093, up from both last month and last year, at an increase of 1.62% and 0.55%, respectively. Median prices remained virtually the same as last year, as the all-residential median price took at slight dip of less than 1% to end the month at $357,750, down from $360,000 from this time last year, but up nearly 3% from February. The median price for single family homes was up over 1% from last month ending March at $405,000, but down just over one percent from $410,000 in March of 2015.

“When looking at housing prices, we have to take into account a number of factors,” Sedgwick said. “Last month, we saw sales of two homes in Edmonton that were priced at more than $3 million dollars. This is the first time that properties at that price point have sold in 2016, and those two sales affected the average price by several thousands of dollars. So it is important that we also look at the median prices as well, to gain a clear picture of the market.”

March’s average days-on-market dropped in almost all housing types, as it took an average of 53 days to sell a home compared to 57 last month. On average, single family homes sold 4 days quicker than last month, selling in 49 days. Duplex/rowhouses were on the market for an average of 62 days compared to 71 in February. And, on average, condos sold in 58 days, up 1 day from the same time last month.